Global Internet of Things (IoT) market is expected to grow significantly from USD 1.2 Trillion in 2017, to USD 6.5 Trillion in 2024, at a CAGR of 26.6% from 2018 to 2024. The factors driving the growth of the global IoT market areincreasing usage of internet, rising demand for automation technologies in various verticals, declining cost of smart sensors, and better cost efficiency in data processing. Moreover, advancement in technology attributes to increased efficiency and accuracy of various devices making them more user-friendly which is further driving the growth in the global IoT market. Furthermore, rising number of start-ups and investments in technology is also propelling the growth in the global market. The years used for the assessment are as follows:

Historical year : 2014, 2015,2016

Base year : 2017

Forecast period : 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are:

Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources

Interacting with key opinion leaders of the market and developing data points based on interaction with them

Study of past trends in the market and their year on year Impact on the market size and share

Analyzing the collected data points

Bridging the data points to calculate the total IoT market and it various segments

Anticipating potential risks

Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global IoT market

Global Internet of Things (IoT) Market is expected to grow significantly from USD 1.2 Trillion in 2017, to USD 6.5 Trillion in 2024, at a CAGR of 26.6% from 2018 to 2024. Factors driving the growth of the IoT market are increasing usage of internet, rising demand for automation technologies in various verticals, declining cost of smart sensors, and bettercost efficiency in data processing. Moreover, advancement in technology attributes to increased efficiency and accuracy of various devices making them more user-friendly which is further driving the growth in the global IoT market. Furthermore, rising number of start-ups and investments in technology is also propelling the growth in the global market

On the basis of software solution, remote monitoring systems hold the largest market share. Based on service, consulting service is the largest segment, and support & maintenance is anticipated to be the fastest growing segment in the global IoT market. On the basis of technology, Wi-Fi technology holds the major market share owing to more secured and stable network with wide range of coverage area. Moreover, On the basis of application area, the smart manufacturing segment is expected to hold the major share in the global IoT market during the forecast period owing to increasing demand for automation technology among manufacturers.

Global IoT market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to hold the major share of the global IoT market during the forecast period. The North American IoT market is driven by increasing investment in research and development (R&D), as the countries in this region are already economically well established. The rapid digitalization across industry verticals and technological advancements has further propelled the growth of the IoT market in North American region. Asia-Pacific is expected to be the fastest growing IoT market during the forecast period owing to increasing adoption of connected devices.